The U.S. Small Business Administration will begin sending invitations for supplemental awards for the Shuttered Venue Operators Grant program.
Per the Economic Aid to Hard-Hit Small Businesses, Non-profits and Venues Act, SVOG supplemental awards are to be provided to those who received an initial grant and have illustrated a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019. Thus far, approximately $9 billion has been awarded in initial SVOGs to more than 11,500 venues, providing a lifeline for theaters, live venue spaces, and other entertainment and cultural hubs as they recover from the pandemic, re-open in many communities across the nation and continue contributing to local economies.
Supplemental award applicants can choose to apply for any amount up to 50% of their original SVOG amount, with a $10 million cap of the initial and supplemental awards combined, according to the law. The supplemental awards also allow SVOG recipients to extend the time to use their grant funds for expenses accrued through June 30, 2022 and lengthen their budget period to 18 months from the initial grant’s disbursement date. n
If sufficient funding is not available for all eligible entities to receive a supplemental award, priority will be given to applicants who have illustrated the greatest revenue loss in the first quarter of 2021 compared to the first quarter in 2019.
For more information on SBA’s Economic Relief programs, visit COVID-19 relief options. Further, SBA’s resource partners, including SCORE Mentors, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers, are available to provide entities with individual guidance on their applications. Applicants can find a local resource partner via a zip code search at http://www.sba.gov/local-assistance.
